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 over—road-beds, rails, bridges, stations, locomotives and cars—within a generation. It is so in nearly all other industries.

In our complex modern life, saving and investing take place in many ways. For example, money saved and deposited in a savings-bank finds its way out in a loan on mortgage to help build a house, a factory, or a store; or it pays for bonds, and the proceeds are put into a railroad or some public work, as a school-house, dock, street, etc. In any and all these cases the money deposited in the savings-bank goes ultimately to employ labor and pay wages. So money deposited in any other bank or trust company is loaned out to merchants, manufacturers, and others, and similarly goes to pay wages.

The same is true of money saved and invested in regular course of business in stocks or bonds. Corporations engaged in great business, as railroads, issue and sell their stock and bonds in order to obtain money to carry on their work. All this money goes to employ labor and pay wages, or, if materials are bought, the money goes to pay for them and the labor engaged in producing them—in the end substantially all to labor.